SAFE Calculator

It models the YC 2018+ post-money SAFE. You enter the SAFE amount, the valuation cap (post-money), and a discount. Optionally model a next priced round, the calculator compares conversion under the cap versus under the discount and shows whichever gives the SAFE holder more ownership, which is how a post-money SAFE actually converts.

A post-money SAFE caps the company's valuation after the SAFE itself (and any other SAFEs) have converted. Your post-money ownership = SAFE amount / valuation cap. Pre-money SAFEs (the older 2013-2018 variant) calculate differently because the cap excludes the SAFEs themselves.

The cap applies when the next round prices at or above the cap (the cap protects you from being diluted at a higher valuation). The discount applies when the next round prices below the cap (the cap is no longer binding, so the SAFE just converts at the next-round price with the discount). The SAFE holder always gets whichever is more favorable to them, the lower conversion price, equivalent to higher ownership.

Cap-only ownership assumes the cap binds. If you also model a next round and the discounted next-round price gives you MORE ownership than the cap (which happens when the cap is high relative to the next round), the SAFE converts on the discount instead and your effective ownership is higher.

No, it's an educational tool. Real SAFE conversions depend on the exact document language (post-money vs pre-money, MFN, pro-rata, option-pool adjustments, side letters, and any subsequent SAFEs). Always run real numbers with your lawyer.

Yes, every input is encoded in the URL. The 'Copy share link' button copies the current URL to your clipboard. Anyone you send it to opens the calculator with the same numbers pre-filled.